New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-07-08
THURSDAY. July 7-P. N


The stock markets are still waiting upon developments
concerning the pending great deals in railway and tce
graphic properties, which although practically consum-
mated not yet officially divuged because the book
makers have not yet got their records In perfectly
satisfactory shape The average operator at the Stock
Exchange labors under the impression that all this talk
about the deals is for the purpose of making market on
which to sell stocks and each day goes by without
definite solution Of the various problems his impression
grows into q conviction A growing business with
profitable returns in nearly all branches OF trade,
large foreign demand for cereals with prospects Of
abundant crops and unprecedented railroad earnings
with hardly grumble Of dissatisfaction from COM
mercal and mercantile Glasses to the rates for the
moment count for nothing compared with the general
ideas Of mans intents as to the course OF prices
Whether or not the Baltimore and Ohio and collateral
projects consummated will not affect the general
business of the country to the extent Of dollar Rail-
way earnings heretofore have and always will, depend
upon general business tho and the results are
inseparable-a matter of calculation No pools In
bad times have increased the earnings Of the rail-
roads interested by the Of farhirg and In good
times like the present pools not necessity and the
public hears nothing about them. In the past 1t has
proved to be good rule to sell stocks when the rail-
roads met month to settle their differences and to
make new agreements Yet Notwithstanding all the
favorable characteristics OF the general situation spec
ulaors Of low and high degree. who do not see in the
manipulation Of money and in the break OF 40
cent in the nominal quotations for Manhattan Elevated
stock determination to mark lower values, waiting
for the official sign Of the great leader to buy stocks
The bold operators who possess the faculty OF seeing
through grindstone acting their diagnosis OF
the great leaders intentions, and daily add TO the
amount OF their short lines; and the market is worked
so cunnngly not to disturb the confidence OF the
average short seller So today while the market,
subject moderate fluctuations has ruled strong all day
strong enough to brighten any Spectator who
was short at the lowest figures There a happy
equilibrium in the range of values which gave confidence
both sides Of the account Prices generally close
little higher than last evening Northwestern specially
weak at 1170117 Ia on report issued by one OF
the agencies the authority OF Vice President
Martin Luther Skies that the company had charged OFF
S1000O000 OF its alleged surplus and reduced the cost
OF its equipment by like amount When representa-
tive of THE TRIBUNE called at the company's Office TO
obtain intelligent statement of just what the company
had DONE Vice President Skies too busy any
one" But 1t is clear that whatever has been done Is
simply matter OF bookkeeping Probably the Chicago
and Northwestern Company has reached point In It's
financial status where it afford to dispense with
yearly display OF fictitious surplus, which never repre-
scented anything except expenditures which
reports In the surplus here anything more
saable than the rails road. But whatever It has
done in the shape OF bookkeeping does not affect the
value OF the property its earning capacity which is
equal nearly IA per cent both classes OF its stocks
Tho days transactions at the Stock Exchange amounted
to 2Os $40 shares and at the Consolidated Exchange to
l225lS shares Prices ruled firm till after midday; then
were attacked and declined 1-4a34 per cent, and later
recovered, closing strong
the 42s of is per cent Annexed are the closing quota
lions: